Apartment Investment and Management (AIV) 8-K Apartment Investment and Management Company Announces First Quarter 2011 Results

Exhibit 99.1

Apartment Investment and Management Company
Announces First Quarter 2011 Results

Denver, Colorado — April 29, 2011 — Apartment Investment and Management Company (NYSE: AIV) announced today its first quarter 2011 results.

Chairman and Chief Executive Officer Terry Considine comments: “Aimco executed its plan successfully during the quarter. Total Same Store property net operating income increased 8.5%, with a 2.1% increase in revenue and a 6.8% decrease in expenses. Offsite costs decreased 5% compared to first quarter 2010, and we remain committed to further reductions by deploying labor saving technology and by simplifying our business. We are off to a good start in 2011.”

Chief Financial Officer Ernie Freedman adds: “First quarter Pro forma FFO of $0.39 per share exceeded the upper end of our guidance range by $0.02 per share, primarily as a result of better than expected property operating results. During the quarter, we further strengthened our balance sheet by reducing our 2011 property debt maturity exposure by $90 million and our 2012 exposure by $105 million. We are establishing second quarter Pro forma FFO guidance of $0.33 to $0.37 per share and increasing full year Pro forma FFO guidance from a range of $1.46 to $1.56 per share to a range of $1.49 to $1.59 per share.”

Financial Results

Diluted Per Share Results

	FIRST QUARTER
	2011			2010
Net loss per share	$	(0.27	)	$	(0.35	)
Funds from Operations (FFO)	$	0.38		$	0.25
Add back Aimco’s share of operating real estate impairment losses	$	0.01		$	0.07
Add back / deduct Aimco’s share of preferred equity redemption related amounts		—			—
Pro forma Funds from Operations (Pro forma FFO)	$	0.39		$	0.32
Deduct Aimco’s share of Capital Replacements	$	(0.10	)	$	(0.10	)
Adjusted Funds From Operations (AFFO)	$	0.29		$	0.22

Net loss — Net loss attributable to Aimco common stockholders for the quarter was $31.8 million, compared to net loss of $40.4 million for first quarter 2010. First quarter 2011 net loss decreased as compared to first quarter 2010 primarily due to an increase of $9.9 million in net operating income of our properties included in continuing operations, an increase of $4.7 million in net investment management income and a decrease of $4.1 million in depreciation and amortization. These increases in income were partially offset by a decrease in income from discontinued operations attributable to Aimco as a result of 2010 and 2011 property sales.

Funds from Operations — FFO is a non-GAAP financial measure defined in the glossary in Aimco’s Supplemental Information (the Glossary). FFO calculated in accordance with the definition prescribed by the National Association of Real Estate Investment Trusts (NAREIT) was $44.4 million, or $0.38 per share, compared to $29.3 million, or $0.25 per share, in first quarter 2010. Pro forma FFO, which represents FFO as prescribed by NAREIT but excludes operating real estate impairment losses and preferred equity redemption related amounts, was $45.8 million, or $0.39 per share, compared to $36.9 million, or $0.32 per share, in first quarter 2010. First quarter 2011 Pro forma FFO of $0.39 per share was $0.02 per share above the upper end of Aimco’s guidance range primarily as a result of better than expected property operating results.

AIMCO 1st Quarter 2011 Page 1

Property Operations

Property operating results discussed below represent Aimco’s Proportionate Share of reported amounts, which reflects property operating results adjusted for Aimco’s ownership in each property. This non-GAAP measure is defined in the Glossary.

Diversified Operating Portfolio — Aimco’s property operations consist primarily of Conventional, with some Affordable, real estate operations. Conventional real estate operations relate to Aimco’s diversified portfolio of market rate apartment communities and include Same Store Properties, Redevelopment Properties, and Other Properties. Conventional Property operations generated 87% of Aimco’s first quarter 2011 property net operating income (NOI). See Supplemental Schedules 7a and 7b for detailed information on Aimco’s Conventional real estate portfolio, including selected operating results.

Affordable real estate operations consist of Aimco’s portfolio of properties with rents that are generally paid, in whole or in part, by a government agency. Affordable properties tend to have more stable rents and higher occupancy than Conventional properties due to government rent payments and thus are less affected by market fluctuations. Affordable Property operations generated 13% of Aimco’s first quarter 2011 NOI.

First Quarter Portfolio Operating Measures^*

	FIRST QUARTER 2011
	% Aimco			Year-over-year Variance
	NOI			Revenue			Expenses			NOI
Conventional Same Store		80	%		1.6	%		-6.6	%		7.2	%
Affordable Same Store		12	%		5.5	%		-7.7	%		17.8	%
Total Same Store		92	%		2.1	%		-6.8	%		8.5	%
Other Conventional		7	%		-1.1	%		2.0	%		-4.1	%
Affordable Redevelopment		1	%		8.8	%		-0.7	%		16.8	%
Total Portfolio		100	%		1.9	%		-5.8	%		7.6	%

* The information in this table relates to properties that Aimco owns and manages, and that are classified within continuing operations. Results exclude properties that Aimco owns but does not manage and properties classified within discontinued operations. To ensure comparability between periods, the year-over-year change in Revenue, Expenses and NOI in this table is based on Aimco’s current period ownership. See the Glossary for additional information about the property categories included in this table and Schedules 1 and 2 in the Supplemental Information for financial and statistical information for these portfolios.

Conventional Same Store Results — In first quarter 2011, the Conventional Same Store portfolio included 178 communities with 60,173 units, in which Aimco had a weighted average ownership of 94%.

Conventional Same Store Operating Measures

	FIRST QUARTER									FIRST QUARTER
	Year-over-year									Sequential
	2011			2010			Variance			4th Qtr			Variance
$ in millions except rent per unit
Average Daily Occupancy		96.4	%		96.0	%		0.4	%		96.7	%		-0.3	%
Average Rent Per Unit	$	1,049		$	1,043			0.6	%	$	1,046			0.3	%
Revenue	$	189.2		$	186.2			1.6	%	$	188.7			0.3	%
Expenses		(70.8	)		(75.8	)		-6.6	%		(69.4	)		2.1	%
NOI	$	118.4		$	110.4			7.2	%	$	119.3			-0.7	%

AIMCO 1st Quarter 2011 Page 2

Comparing Conventional Same Store results in first quarter 2011 with first quarter 2010, total revenue increased $3.0 million, or 1.6%. The increase in revenue was primarily the result of higher average daily occupancy of 96.4% for first quarter 2011 compared to 96.0% for first quarter 2010, and higher average rent per unit, up $6 per unit or 0.6%, from $1,043 per unit to $1,049 per unit.

During first quarter 2011, Conventional Same Store expenses decreased $5.0 million or 6.6%, primarily as a result of decreases in employee related costs, real estate taxes, utilities, apartment unit turnover expenses, repairs and maintenance expenses and marketing costs. These decreases were partially offset by higher insurance costs. Refer to Supplemental Schedules 6a and 6b for additional details on Conventional Same Store operating results.

Conventional Same Store Rental Rate Trends — Aimco measures changes in rental rates by comparing, on a lease-by-lease basis, the rate on a newly executed lease to the rate on the expiring lease for that same apartment. Newly executed leases are classified as either a new lease, where a vacant apartment is leased to a new customer, or a renewal of an existing lease.

On average, first quarter 2011 new lease rates were 1.9% higher than expiring lease rates, compared to rates 0.9% higher than expiring lease rates in fourth quarter 2010. During first quarter 2011, renewal rates were 3.0% higher than expiring lease rates, compared to rates that were 1.6% higher than expiring lease rates in the fourth quarter 2010.

Affordable Same Store Results — In first quarter 2011, the Affordable Same Store portfolio included 145 communities with 17,469 units, in which Aimco had a weighted average ownership of 66%. For the first quarter 2011, average month-end occupancy for the affordable portfolio was 97.5%, an increase of 0.4% from first quarter 2010, while average rent per unit increased 4.4% from $797 to $832 per unit. During the first quarter 2011, Affordable Same Store expenses decreased 7.7% primarily as a result of lower contract services and administrative expenses.

Portfolio

Aimco’s portfolio strategy focuses on B/B+ quality Conventional apartment communities located in the 20 largest U.S. markets as measured by total apartment value, with a target capital allocation of 10% to Affordable apartment communities.

Aimco measures Conventional Property asset quality based on average rents compared to local market average rents as reported by REIS, a third-party provider of commercial real estate performance information and analysis. Aimco defines A-quality assets as those with rents greater than 125% of local market average, B-quality assets as those with rents 90% to 125% of local market average and C-quality assets as those with rents less than 90% of local market average. For the fourth quarter 2010, the most recent period for which REIS information is available, Aimco’s Conventional Property rents averaged 99% of local market average rents.

For the first quarter 2011, average rents for the Conventional portfolio were $1,060 per unit, a 2.5% increase compared to first quarter 2010, as a result of the sale of Conventional properties during 2010 with rents averaging 25% lower than the retained portfolio and positive rent growth in the retained portfolio.

Aimco’s geographic allocation strategy focuses on the 20 largest U.S. markets. Aimco believes these markets to be deep, relatively liquid and possessing desirable long-term growth characteristics. These target markets are primarily coastal markets, and also include a number of Sun Belt cities and Chicago, Illinois. In executing this strategy, Aimco expects to reduce its investment in markets outside the 20 largest markets and to increase its investment in the 20 largest markets through redevelopment, acquisitions and increasing ownership in properties Aimco already owns. During first quarter 2011, net operating income generated by Conventional properties located in the 20 largest markets accounted for 85% of total Conventional Property net operating income, an increase of 2% compared to first quarter 2010. In first quarter 2011, Aimco sold two Conventional properties and five Affordable properties with 478 and 647 units, respectively, for $28.9 million in gross proceeds. Aimco’s share of net proceeds after distributions to limited partners, repayment of existing property debt and transaction costs was $9.2 million.

See Supplemental Schedules 7a and 7b for additional details regarding Aimco’s portfolio quality and capital allocation, and Supplemental Schedule 8 for additional details on disposition activity.

Partnership Transaction Activity — During 2011, Aimco acquired the remaining noncontrolling limited partnership interests in six consolidated real estate partnerships that own nine properties and in which Aimco affiliates serve as general partner for a total cost of $6.1 million.

AIMCO 1st Quarter 2011 Page 3

Termination of Fee Contracts — As of December 31, 2010, Aimco property managed or asset managed for a fee 321 properties associated with two distinct multifamily portfolios. During first quarter 2011, Aimco and the owners of one of these portfolios agreed to the termination of the asset and property management contracts associated with the portfolio. In connection with the termination of these management contracts, Aimco recognized $1.3 million of previously deferred asset management fee income during first quarter 2011.

Through this and other transactions during first quarter 2011, Aimco reduced its fee managed portfolio by 108 properties with 11,722 units, furthering the company’s goal of simplifying its business and reducing costs. Refer to Supplemental Schedule 2 for details of Aimco’s portfolio as of March 31, 2011.

Balance Sheet and Liquidity

	AS OF MARCH 31, 2011
			% of Total			Weighted		Weighted Avg
	Amount		Leverage			Avg Maturity (Yrs)		Rate
Aimco leverage ($ in millions)
Aimco’s share of long-term, non-recourse property debt	$	4,884.5		86	%		8.0		5.55	%
Aimco’s share of other borrowings		34.5		1	%		n/a		5.33	%
Subtotal debt		4,919.0		87	%		8.0		5.55	%
Preferred securities		762.0		13	%	Perpetual			7.42	%
Total leverage	$	5,681.0		100	%		n/a		5.80	%

See Supplemental Schedule 4 for additional details about Aimco’s non-recourse property debt and Supplemental Schedule 5 for information related to Aimco’s preferred securities.

Aimco’s recourse debt at March 31, 2011, was limited to its revolving credit facility, which Aimco uses for working capital purposes and to secure letters of credit. At the end of first quarter, Aimco had no outstanding borrowings on its revolving credit facility and available capacity was $263.4 million, net of $36.6 million of letters of credit backed by the facility.

Aimco’s first quarter EBITDA Coverage of Interest and EBITDA Coverage of Interest and Preferred Dividends ratios were 2.11:1 and 1.72:1, compared to fourth quarter 2010 ratios of 2.07:1 and 1.68:1, respectively. Separately, in connection with its revolving credit facility, Aimco is subject to Debt Service and Fixed Charge Coverage covenants, as defined in the Glossary. For first quarter 2011, Aimco’s Debt Service and Fixed Charge Coverage ratios were 1.58:1 and 1.34:1, compared to covenants in place during the quarter of 1.40:1 and 1.20:1, respectively, and fourth quarter 2010 ratios of 1.57:1 and 1.33:1. Aimco expects to remain in compliance with these covenants.

From January 1, 2011 through the date of this release, Aimco has issued 1.5 million shares under its At-the-Market (ATM) offering program at a weighted average price of $24.69 per share, generating gross proceeds of $37.0 million. The proceeds from the ATM offering were used primarily to fund deleveraging activities and the partnership transactions described in this release.

Dividend — Aimco’s Board of Directors declared a cash dividend of $0.12 per share on its Class A Common Stock for the quarter ended March 31, 2011. The dividend is payable May 31, 2011 to shareholders of record on May 20, 2011.

AIMCO 1st Quarter 2011 Page 4

2011 Outlook

	SECOND	FULL
	QUARTER	YEAR
Net loss per share	-$0.36 to -$0.32	-$1.20 to -$1.10
Pro forma FFO per share	$0.33 to $0.37	$1.49 to $1.59
Conventional Same Store Operating Measures
NOI change compared to first quarter 2011	-0.5% to 0.5%
NOI change compared to same period 2010	2.5% to 3.5%	3.0% to 5.0%
Average daily occupancy		95.5% - 96.5%
Revenue change compared to 2010		2.0% to 3.0%
Expense change compared to 2010		-0.5% to 0.5%
Total Portfolio NOI change compared to 2010		2.5% to 4.5%

2011 Property Tour Schedule

Management will be hosting property tours in the following cities on the dates indicated. Additional details will be communicated in the coming months.

Markets	Dates
Washington DC *	July 12th
Philadelphia *	July 13th
Southern California	October 4th – 5th

* Please note that the dates of the Philadelphia/Washington DC property tours have been accelerated by one day relative to Aimco’s original announcement of this event.

About Aimco

Aimco is a real estate investment trust that is focused on the ownership and management of quality apartment communities located in the 20 largest markets in the United States. Aimco is one of the country’s largest owners and operators of both conventional and affordable apartments, with 648 communities serving approximately 500,000 residents in 42 states, the District of Columbia and Puerto Rico. Aimco common shares are traded on the New York Stock Exchange under the ticker symbol AIV and are included in the S&P 500. For more information about Aimco, please visit our website atwww.aimco.com.

Contact

Investor Relations 303-691-4350, Investor@Aimco.com
Elizabeth Coalson, Vice President Investor Relations 303-691-4327

Supplemental Information

The full text of this Earnings Release and the Supplemental Information referenced in this release are available on Aimco’s website at the linkhttp://www.aimco.com/CorporateInformation/About/Financial/QEarnRelease.aspx.

AIMCO 1st Quarter 2011 Page 5

Glossary and Reconciliations of Non-GAAP Financial and Operating Measures

Financial and operating measures found in this Earnings Release and the Supplemental Information include certain financial measures used by Aimco management that are not calculated in accordance with accounting principles generally accepted in the United States, or GAAP. These measures are defined in the glossary in the Supplemental Information and, where appropriate, reconciled to the most comparable GAAP measures.

Earnings Conference Call

Aimco’s first quarter 2011 earnings conference call will be held Friday, April 29, 2011, at 1:00 p.m. Eastern time.

Live Conference Call

Domestic Dial-In Number: 1-866-843-0890
International Dial-In Number: 1-412-317-9250
Passcode: 0093689
Webcast: http://www.aimco.com/CorporateInformation/Overview.aspx

Conference Call Replay

Domestic Dial-In Number: 1-877-344-7529
International Dial-In Number: 1-412-317-0088
Passcode: 449948

The conference call replay will be available until 5:00 p.m. Eastern time on May 9, 2011.

Webcast Replay: http://www.aimco.com/CorporateInformation/About/Financial/news.aspx

Forward-looking Statements

This Earnings Release and Supplemental Information contain forward-looking statements within the meaning of the federal securities laws, including, without limitation, statements regarding projected results and specifically forecasts of second quarter and full year 2011 results. These forward-looking statements are based on management’s judgment as of this date and include certain risks and uncertainties. Risks and uncertainties include, but are not limited to, Aimco’s ability to maintain current or meet projected occupancy, rental rates and property operating results. Actual results may differ materially from those described in these forward-looking statements and, in addition, will be affected by a variety of risks and factors, some of which are beyond the control of Aimco, including, without limitation: financing risks, including the availability and cost of capital markets financing and the risk that our cash flows from operations may be insufficient to meet required payments of principal and interest; earnings may not be sufficient to maintain compliance with debt covenants; real estate risks, including fluctuations in real estate values and the general economic climate in the markets in which we operate and competition for residents in such markets; national and local economic conditions, including the pace of job growth and the level of unemployment; the terms of governmental regulations that affect Aimco and interpretations of those regulations; the competitive environment in which Aimco operates; the timing of acquisitions and dispositions; insurance risk, including the cost of insurance; natural disasters and severe weather such as hurricanes; litigation, including costs associated with prosecuting or defending claims and any adverse outcomes; energy costs; and possible environmental liabilities, including costs, fines or penalties that may be incurred due to necessary remediation of contamination of properties presently owned or previously owned by Aimco. In addition, our current and continuing qualification as a real estate investment trust involves the application of highly technical and complex provisions of the Internal Revenue Code and depends on our ability to meet the various requirements imposed by the Internal Revenue Code, through actual operating results, distribution levels and diversity of stock ownership.

Readers should carefully review Aimco’s financial statements and the notes thereto, as well as the section entitled “Risk Factors” in Item 1A of Aimco’s Annual Report on Form 10-K for the year ended December 31, 2010, and the other documents Aimco files from time to time with the Securities and Exchange Commission. These forward-looking statements reflect management’s judgment as of this date, and Aimco assumes no obligation to revise or update them to reflect future events or circumstances. This press release does not constitute an offer of securities for sale.

AIMCO 1st Quarter 2011 Page 6

Consolidated Statements of Operations

(in thousands, except per share data) (unaudited) (page 1 of 2)

	Three Months Ended
	March 31,
	2011			2010
REVENUES:
Rental and other property revenues	$	277,317		$	272,124
Asset management and tax credit revenues		9,236			4,701
Total revenues		286,553			276,825
OPERATING EXPENSES:
Property operating expenses		126,084			130,799
Investment management expenses		3,031			3,229
Depreciation and amortization		100,911			105,035
General and administrative expenses		11,125			11,736
Other expenses, net		3,928			2,273
Total operating expenses		245,079			253,072
Operating income		41,474			23,753
Interest income		2,248			3,200
Provision for losses on notes receivable, net		(17	)		(426	)
Interest expense		(76,381	)		(77,677	)
Equity in (losses) income of unconsolidated real estate partnerships		(1,648	)		9,149
Gain on dispositions of unconsolidated real estate and other, net		1,212			1,444
Loss before income taxes and discontinued operations		(33,112	)		(40,557	)
Income tax benefit		2,528			3,624
Loss from continuing operations		(30,584	)		(36,933	)
Income from discontinued operations, net [1]		3,307			20,173
Net loss		(27,277	)		(16,760	)
Noncontrolling interests:
Net loss (income) attributable to noncontrolling interests in consolidated real estate partnerships		7,305			(12,134	)
Net income attributable to preferred noncontrolling interests in Aimco Operating Partnership		(1,671	)		(1,693	)
Net loss attributable to common noncontrolling interests in Aimco Operating Partnership		2,383			3,069
Total noncontrolling interests		8,017			(10,758	)
Net loss attributable to Aimco		(19,260	)		(27,518	)
Net income attributable to Aimco preferred stockholders		(12,456	)		(12,922	)
Net income attributable to participating securities		(57	)		—
Net loss attributable to Aimco common stockholders	$	(31,773	)	$	(40,440	)
Weighted average common shares outstanding — basic and diluted		117,320			116,035
Earnings (loss) per common share — basic and diluted:
Loss from continuing operations attributable to Aimco common stockholders	$	(0.30	)	$	(0.43	)
Income from discontinued operations attributable to Aimco stockholders		0.03			0.08
Net loss attributable to Aimco common stockholders	$	(0.27	)	$	(0.35	)

AIMCO 1st Quarter 2011 Page 7

Consolidated Statements of Operations (continued)

Notes to Consolidated Statements of Operations (page 2 of 2)

[1] Income from discontinued operations consists of the following (in thousands):

	Three Months Ended
	March 31,
	2011			2010
Rental and other property revenues	$	1,983		$	20,417
Property operating and other expenses		(1,560	)		(12,714	)
Depreciation and amortization		(539	)		(4,776	)
Provision for operating real estate impairment losses		(3,855	)		(7,225	)
Operating loss		(3,971	)		(4,298	)
Interest income		51			49
Interest expense		(301	)		(3,126	)
Loss before gain on dispositions of real estate and income taxes		(4,221	)		(7,375	)
Gain on dispositions of real estate		7,718			26,339
Income tax (expense) benefit		(190	)		1,209
Income from discontinued operations, net	$	3,307		$	20,173
Loss (income) from discontinued operations attributable to:
Noncontrolling interests in consolidated real estate partnerships	$	907		$	(10,098	)
Noncontrolling interests in Aimco Operating Partnership		(293	)		(676	)
Total noncontrolling interests		614			(10,774	)
Income from discontinued operations attributable to Aimco	$	3,921		$	9,399

AIMCO 1st Quarter 2011 Page 8

Consolidated Balance Sheets

(in thousands) (unaudited)

	March 31, 2011			December 31, 2010
ASSETS
Buildings and improvements	$	7,278,391		$	7,254,069
Land		2,128,831			2,128,734
Total real estate		9,407,222			9,382,803
Accumulated depreciation		(2,990,025	)		(2,893,056	)
Net real estate		6,417,197			6,489,747
Cash and cash equivalents		81,360			111,325
Restricted cash		199,241			201,058
Accounts receivable		59,349			49,855
Accounts receivable from affiliates, net		8,049			8,392
Deferred financing costs, net		48,171			47,779
Notes receivable from unconsolidated real estate partnerships, net		10,744			10,896
Notes receivable from non-affiliates, net		121,651			116,726
Investment in unconsolidated real estate partnerships		57,604			59,282
Other assets		188,529			180,596
Deferred income tax assets, net		59,435			58,736
Assets held for sale		10,502			44,174
Total assets	$	7,261,832		$	7,378,566
LIABILITIES AND EQUITY
Non-recourse property tax-exempt bond financing	$	431,452		$	514,506
Non-recourse property loans payable		4,963,846			4,916,022
Other borrowings		45,281			47,018
Total indebtedness		5,440,579			5,477,546
Accounts payable		21,818			27,322
Accrued liabilities and other		226,298			250,106
Deferred income		153,345			150,735
Security deposits		35,323			34,935
Liabilities related to assets held for sale		4,066			27,722
Total liabilities		5,881,429			5,968,366
Preferred noncontrolling interests in Aimco Operating Partnership		83,404			83,428
Preferred stock subject to repurchase agreement		20,000			20,000
Equity:
Perpetual Preferred Stock		657,601			657,601
Class A Common Stock		1,191			1,176
Additional paid-in capital		3,084,572			3,070,296
Accumulated other comprehensive loss		(2,042	)		(2,076	)
Distributions in excess of earnings		(2,726,882	)		(2,680,955	)
Total Aimco equity		1,014,440			1,046,042
Noncontrolling interests in consolidated real estate partnerships		300,607			291,458
Common noncontrolling interests in Aimco Operating Partnership		(38,048	)		(30,728	)
Total equity		1,276,999			1,306,772
Total liabilities and equity	$	7,261,832		$	7,378,566

AIMCO 1st Quarter 2011 Page 9

Page
3	Schedule 1 — Funds From Operations
5	Schedule 2 — Portfolio Summary
6	Schedule 3 — Net Asset Value Supplemental Information
8	Schedule 4 — Non-recourse Property Debt Information
10	Schedule 5 — Share Data
11	Schedule 6a — Conventional Same Store Operating Results (1Q 2011 v. 1Q 2010)
12	Schedule 6b — Conventional Same Store Operating Results (1Q 2011 v. 4Q 2010)
13	Schedule 7a — Total Conventional Portfolio Data by Market (1Q 2011 v. 1Q 2010)
14	Schedule 7b — Total Conventional Portfolio Data by Market (4Q 2010)
15	Schedule 8 — Property Sales and Acquisition Activity
16	Schedule 9 — Capital Additions
17	Glossary and Reconciliations

AIMCO 1st Quarter 2011 Page 2

Supplemental Schedule 1

Funds From Operations (page 1 of 2)

Three Months Ended March 31, 2011 Compared to Three Months Ended March 31, 2010
(in thousands) (unaudited)

	Three Months Ended March 31, 2011												Three Months Ended March 31, 2010
				Proportionate												Proportionate
				Share of												Share of
	Consolidated			Unconsolidated			Noncontrolling			Proportionate			Consolidated			Unconsolidated			Noncontrolling			Proportionate
	Amount			Partnerships			Interests			Amount			Amount			Partnerships			Interests			Amount
Real estate operations:
Rental and other property revenues
Conventional Same Store	$	202,924		$	—		$	(14,725	)	$	188,199		$	199,698		$	—		$	(17,049	)	$	182,649
Affordable Same Store		41,665			174			(12,299	)		29,540			39,757			181			(11,937	)		28,001
Total Same Store		244,589			174			(27,024	)		217,739			239,455			181			(28,986	)		210,650
Other Conventional [1]		22,885			1,198			(1,819	)		22,264			23,150			1,166			(2,076	)		22,240
Other Affordable		9,264			1,998			(5,043	)		6,219			8,782			3,998			(7,087	)		5,693
Property management revenues, primarily from affiliates, net		579			(157	)		1,557			1,979			737			(245	)		1,965			2,457
Total rental and other property revenues		277,317			3,213			(32,329	)		248,201			272,124			5,100			(36,184	)		241,040
Property operating expenses
Conventional Same Store		75,873			—			(5,777	)		70,096			81,256			—			(7,264	)		73,992
Affordable Same Store		18,534			159			(6,207	)		12,486			19,965			153			(6,590	)		13,528
Total Same Store		94,407			159			(11,984	)		82,582			101,221			153			(13,854	)		87,520
Other Conventional [1]		11,405			769			(885	)		11,289			11,281			796			(1,081	)		10,996
Other Affordable		4,838			1,173			(2,931	)		3,080			4,654			2,611			(4,026	)		3,239
Casualties		4,860			(11	)		65			4,914			1,769			31			471			2,271
Property management expenses		10,574			—			—			10,574			11,874			—			—			11,874
Total property operating expenses		126,084			2,090			(15,735	)		112,439			130,799			3,591			(18,490	)		115,900
Net real estate operations		151,233			1,123			(16,594	)		135,762			141,325			1,509			(17,694	)		125,140
Amortization of deferred tax credit income		7,103			—			—			7,103			6,602			—			—			6,602
Asset management revenues		1,254			—			776			2,030			136			—			771			907
Non-recurring revenues [2]		879			—			31			910			(2,037	)		—			—			(2,037	)
Total asset management and tax credit revenues		9,236			—			807			10,043			4,701			—			771			5,472
Investment management expenses		(3,031	)		—			—			(3,031	)		(3,229	)		—			—			(3,229	)
Depreciation and amortization related to non-real estate assets		(3,217	)		(1	)		52			(3,166	)		(3,948	)		(2	)		61			(3,889	)
General and administrative expenses		(11,125	)		(1	)		318			(10,808	)		(11,736	)		(3	)		480			(11,259	)
Other expense, net		(3,928	)		(1,679	)		3,736			(1,871	)		(2,273	)		8,494			(6,676	)		(455	)
Interest income		2,248			(56	)		267			2,459			3,200			(46	)		415			3,569
Provision for losses on notes receivable		(17	)		—			(151	)		(168	)		(426	)		—			(14	)		(440	)
Interest expense		(76,381	)		(509	)		8,916			(67,974	)		(77,677	)		(974	)		10,926			(67,725	)
Income tax benefit		2,587			—			—			2,587			3,632			—			—			3,632
Discontinued operations, net of non-FFO items		124			—			(415	)		(291	)		4,752			—			(1,099	)		3,653
Preferred dividends and distributions		(14,127	)		—			—			(14,127	)		(14,615	)		—			—			(14,615	)
Operating real estate impairment losses, net of related income tax benefit		(3,822	)		—			2,348			(1,474	)		(7,225	)		(399	)		(585	)		(8,209	)
Common noncontrolling interests in Aimco Operating Partnership		(3,318	)		—			—			(3,318	)		(2,168	)		—			—			(2,168	)
Amounts allocated to participating securities		(232	)		—			—			(232	)		(154	)		—			—			(154	)
Funds From Operations		46,230			(1,123	)		(716	)		44,391			34,159			8,579			(13,415	)		29,323
Operating real estate impairment losses, net		3,822			—			(2,348	)		1,474			7,225			399			585			8,209
Common noncontrolling interests in Aimco Operating Partnership		(102	)		—			—			(102	)		(571	)		—			—			(571	)
Amounts allocated to participating securities		(8	)		—			—			(8	)		(40	)		—			—			(40	)
Pro forma Funds From Operations	$	49,942		$	(1,123	)	$	(3,064	)	$	45,755		$	40,773		$	8,978		$	(12,830	)	$	36,921
				Weighted average shares — diluted FFO							117,650					Weighted average shares — diluted FFO							116,334
				Per Share:												Per Share:
				Funds From Operations						$	0.38					Funds From Operations						$	0.25
				Pro forma Funds From Operations						$	0.39					Pro forma Funds From Operations						$	0.32

AIMCO 1st Quarter 2011 Page 3

Supplemental Schedule 1 (continued)

Pro Forma Funds From Operations Reconciliation to GAAP (page 2 of 2)

Three Months Ended March 31, 2011 Compared to Three Months Ended March 31, 2010
(in thousands) (unaudited)

	Three Months Ended March 31, 2011												Three Months Ended March 31, 2010
				Proportionate												Proportionate
				Share of												Share of
	Consolidated			Unconsolidated			Noncontrolling			Proportionate			Consolidated			Unconsolidated			Noncontrolling			Proportionate
	Amount			Partnerships			Interests			Amount			Amount			Partnerships			Interests			Amount
Pro Forma Funds From Operations	$	49,942		$	(1,123	)	$	(3,064	)	$	45,755		$	40,773		$	8,978		$	(12,830	)	$	36,921
Adjustments related to continuing operations:
Depreciation and amortization		(100,911	)		(637	)		10,242			(91,306	)		(105,035	)		(1,028	)		11,888			(94,175	)
Depreciation and amortization related to non-real estate assets		3,217			1			(52	)		3,166			3,948			2			(61	)		3,889
Gain on dispositions of and impairments related to unconsolidated entities and other		1,212			111			(1,144	)		179			1,444			1,197			(2,126	)		515
Income tax expense on gain on dispositions of real estate related to unconsolidated entities		(59	)		—			—			(59	)		(7	)		—						(7	)
Adjustments related to discontinued operations:
Depreciation and amortization		(539	)		—			141			(398	)		(4,776	)		—			1,084			(3,692	)
Depreciation and amortization related to non-real estate assets		5			—			(1	)		4			30			—			3			33
Provision for operating real estate impairment losses		(3,822	)		—			2,348			(1,474	)		(7,225	)		—			(984	)		(8,209	)
Gain on dispositions of real estate		7,718			—			(1,165	)		6,553			26,339			—			(9,108	)		17,231
Income tax (expense) benefit arising from disposals		(178	)		—			—			(178	)		1,052			—			—			1,052
Total adjustments	$	(93,357	)	$	(525	)	$	10,369		$	(83,513	)	$	(84,230	)	$	171		$	696		$	(83,363	)
Common noncontrolling interests in Aimco Operating Partnership’s share of adjustments		5,802			—			—			5,802			5,808			—			—			5,808
Amounts allocable to participating securities		183			—			—			183			194			—			—			194
Equity in (losses) income of unconsolidated real estate partnerships		(1,648	)		1,648			—			—			9,149			(9,149	)		—			—
Net loss (income) attributable to noncontrolling interests in consolidated real estate partnerships		7,305			—			(7,305	)		—			(12,134	)		—			12,134			—
Net loss attributable to Aimco common stockholders	$	(31,773	)	$	—		$	—		$	(31,773	)	$	(40,440	)	$	—		$	—		$	(40,440	)

Notes

[1]	The results for Other Conventional include two substantially vacant properties, Lincoln Place and Pacific Bay Vistas (formerly Treetops), for the periods presented.
[2]	Non-recurring revenues consisted of the following:

	Three Months		Three Months
	Ended		Ended
	March 31, 2011		March 31, 2010
Promotes	$	—	$	(890	)
Other GP transactional fees		879		1,272
Tax credit syndication fees		—		(2,419	)
Total non-recurring revenues	$	879	$	(2,037	)

AIMCO 1st Quarter 2011 Page 4

Supplemental Schedule 2

Portfolio Summary
As of March 31, 2011
(unaudited)

	Number of		Number of		Effective		Average
	Properties		Units		Units		Ownership
Owned Real Estate Portfolio:
Conventional Same Store		178		60,173		56,444		94	%
Affordable Same Store		145		17,469		11,578		66	%
Total Same Store		323		77,642		68,022		88	%
Conventional Redevelopment [1]		2		1,004		1,004		100	%
Other Conventional		37		7,081		5,575		79	%
Other Affordable		72		7,777		2,526		32	%
Conventional Held for Sale		1		387		387		100	%
Total owned real estate portfolio		435		93,891		77,514		83	%
Total Conventional owned real estate portfolio		218		68,645		63,410		92	%
Total Affordable owned real estate portfolio		217		25,246		14,104		56	%
Fee-Managed Portfolio:
Property-Managed for third parties		1		64
Asset-Managed		212		15,396
Total fee-managed portfolio		213		15,460
Total Portfolio		648		109,351

[1] At March 31, 2011, Aimco’s Conventional Redevelopment portfolio included two substantially vacant properties, Lincoln Place and Pacific Bay Vistas (formerly Treetops).

AIMCO 1st Quarter 2011 Page 5

Supplemental Schedule 3

Net Asset Value Supplemental Information	(page 1 of 2)
(in thousands) (unaudited)

One measure of stockholder value is Net Asset Value (NAV), which is the estimated fair value of assets, net of debt and preferred equity. The information provided below is intended to assist users of Aimco’s financial information in making their own estimates of Aimco’s NAV. See the following page for notes to the supplemental information provided below.

Trailing Twelve Month Net Operating Income Data

	Proportionate Property Net Operating Income
	Conventional Same
	Store and Other [1]			Affordable			Total
Rental and other property revenues	$	830,117		$	142,466		$	972,583
Property operating expenses		(318,525	)		(63,304	)		(381,829	)
Property NOI		511,592			79,162			590,754
Assumed property management fee (3.5% of revenues)		(29,054	)		(4,986	)		(34,040	)
Property NOI net of assumed property management fee	$	482,538		$	74,176		$	556,714

Proportionate Balance Sheet Data
As of March 31, 2011

				Proportionate
	Consolidated			Share of						Proportionate
	GAAP			Unconsolidated			Noncontrolling			Balance
	Balance Sheet			Partnerships			Interests			Sheet
Assets
Real estate	$	9,407,222		$	76,423		$	(912,720	)	$	8,570,925
Accumulated depreciation		(2,990,025	)		(26,420	)		412,239			(2,604,206	)
Net real estate [2]		6,417,197			50,003			(500,481	)		5,966,719
Cash and cash equivalents		81,360			1,552			(28,347	)		54,565
Restricted cash		199,241			7,259			(35,860	)		170,640
Accounts receivable		67,398			469			(6,736	)		61,131
Notes receivable [3]		132,395			—			38,911			171,306
Investment in unconsolidated real estate partnerships [4]		57,604			(10,064	)		(39,057	)		8,483
Deferred financing costs [5]		48,171			527			(7,361	)		41,337
Goodwill [5]		66,249			—			—			66,249
Investment in management contracts [5]		813			—			—			813
Other assets		180,902			960			(7,048	)		174,814
Assets held for sale		10,502			—			(7	)		10,495
Total assets	$	7,261,832		$	50,706		$	(585,986	)	$	6,726,552
Liabilities and Equity
Non-recourse property debt	$	5,395,298		$	32,950		$	(543,712	)	$	4,884,536
Other borrowings		45,281			2,018			(12,809	)		34,490
Deferred income [6]		153,345			130			—			153,475
Other liabilities		283,439			15,608			(75,367	)		223,680
Liabilities related to assets held for sale		4,066			—			(2	)		4,064
Total liabilities		5,881,429			50,706			(631,890	)		5,300,245
Preferred noncontrolling interests in Aimco Operating Partnership [7]		83,404			—			—			83,404
Preferred stock subject to repurchase agreement [7]		20,000			—			—			20,000
Perpetual preferred stock [7]		657,601			—			—			657,601
Other Aimco equity		356,839			—			346,511			703,350
Noncontrolling interests in consolidated real estate partnerships		300,607			—			(300,607	)		—
Common noncontrolling interests in Aimco Operating Partnership		(38,048	)		—			—			(38,048	)
Total liabilities and equity	$	7,261,832		$	50,706		$	(585,986	)	$	6,726,552
��

AIMCO 1st Quarter 2011 Page 6

Supplemental Schedule 3 (continued)

Net Asset Value Supplemental Information	(page 2 of 2)
(in thousands) (unaudited)

[1]	Proportionate Property Net Operating amounts for Other Conventional include the results of Lincoln Place and Pacific Bay Vistas, two redevelopment properties that were substantially vacant during the period presented.
[2]	Net real estate includes Lincoln Place and Pacific Bay Vistas, which have March 31, 2011 net book values of $154.1 million and $37.4 million, respectively, or $191.5 million in total. Aimco refers to these properties collectively as part of its redevelopment pipeline.
[3]	Aimco has notes receivable from consolidated partnerships that are eliminated in the consolidated balance sheet. The noncontrolling partners’ share of amounts payable to Aimco pursuant to those notes is added to the GAAP-based amounts to arrive at the proportionate balance presented.
[4]	Aimco’s internal NAV estimate is computed based on Aimco’s share of NOI and as such takes into account Aimco’s share of NOI attributable to unconsolidated partnerships. For this reason, investment in unconsolidated real estate partnerships is excluded from non-real estate assets in Aimco’s internal NAV computation.
[5]	Deferred financing costs, goodwill and investment in management contracts represent non-tangible assets for which cash has already been paid by Aimco. As such, these amounts are excluded from Aimco’s internal NAV computation.
[6]	Deferred income consists primarily of cash contributions received in connection with Aimco’s tax credit activities, which are deferred upon receipt and amortized into earnings in future periods as the tax credits and related tax benefits are delivered to the tax credit investors. Certain of Aimco’s tax credit arrangements provide for contributions to be made in installments, which contributions are not reflected in Aimco’s consolidated financial statements until such time as the contributions are received.
	Deferred income, including deferred tax credit income, represents a non-cash obligation, the amortization of which represents non-cash income in future periods. These non-cash liabilities and related income streams are excluded from Aimco’s internal estimates of NAV. However, amortization of deferred tax credit income is included in net income and, as such, FFO. Projected amortization of deferred tax credit contributions received and to be received is presented below.

	March 31, 2011
Deferred tax credit income balance	$	100,490
Contributions to be received in the future		67,916
Total to be amortized	$	168,406

	Amortization of		Estimated Income			Projected Income,
	Deferred Income		Taxes			net of tax
Year Ending December 31,
2011	$	20,149	$	(7,858	)	$	12,291
2012		26,844		(10,469	)		16,375
2013		26,592		(10,371	)		16,221
2014		25,718		(10,030	)		15,688
2015		21,564		(8,410	)		13,154
Thereafter		47,539		(18,540	)		28,999
Total	$	168,406	$	(65,678	)	$	102,728

[7] Aimco’s internal NAV computation includes Preferred noncontrolling interests in Aimco Operating Partnership, Preferred stock subject to repurchase agreement and Perpetual preferred stock as a reduction of NAV attributable to Aimco common stockholders. See Schedule 5.

AIMCO 1st Quarter 2011 Page 7

Supplemental Schedule 4

Non-recourse Property Debt Information	(page 1 of 2)
As of March 31, 2011
(dollars in thousands) (unaudited)

Property Debt Balances and Characteristics

			Proportionate
			Share of							Weighted
			Unconsolidated		Noncontrolling					Average		Weighted
Debt	Consolidated		Partnerships		Interests			Total Aimco Share		Maturity (years)		Average Rate
Conventional Portfolio:
Fixed rate loans payable	$	4,397,421	$	—	$	(298,421	)	$	4,099,000		7.2		5.95	%
Floating rate loans payable [1]		41,774		—		(2,050	)		39,724		2.4		2.29	%
Total property loans payable		4,439,195		—		(300,471	)		4,138,724		7.1		5.92	%
Fixed rate tax-exempt bonds		52,076		—		(3,338	)		48,738		5.5		6.75	%
Floating rate tax-exempt bonds [1]		156,483		—		(5,242	)		151,241		8.4		0.46	%
Total property tax-exempt bond financing		208,559		—		(8,580	)		199,979		7.7		2.03	%
Total Conventional portfolio		4,647,754		—		(309,051	)		4,338,703		7.1		5.74	%
Affordable Portfolio:
Fixed rate loans payable		493,902		31,337		(201,750	)		323,489		13.8		4.79	%
Floating rate loans payable		30,749		9		(17,308	)		13,450		7.5		3.50	%
Total property loans payable		524,651		31,346		(219,058	)		336,939		13.4		4.71	%
Fixed rate tax-exempt bonds		98,919		1,604		(15,603	)		84,920		25.7		5.05	%
Floating rate tax-exempt bonds [1]		123,974		—		—			123,974		4.5		2.48	%
Total property tax-exempt bond financing		222,893		1,604		(15,603	)		208,894		13.9		3.62	%
Total Affordable portfolio		747,544		32,950		(234,661	)		545,833		13.5		4.39	%
Total non-recourse property debt	$	5,395,298	$	32,950	$	(543,712	)	$	4,884,536		8.0		5.55	%

[1] Floating rate debt presented above includes $164.9 million of fixed rate debt that is effectively converted to floating rates using total rate of return swaps. At March 31, 2011, the carrying amount of this debt totaled $148.8 million, after recognition of changes in the debt’s fair value.

Aimco Share Property Debt

									% of Floating
	Amount		% of Total				Amount		Rate Debt
Fixed rate debt	$	4,556,147		93	%	Floating rate tax-exempt bonds	$	275,215		84	%
Floating rate debt		328,389		7	%	Floating rate loans payable		53,174		16	%
Total	$	4,884,536				Total	$	328,389

							Maturities as
							a Percent			Average Rate on
	Amortization		Maturities		Total		of Total Debt			Maturing Debt
2011 Q2	$	21,561	$	3,341	$	24,902		0.07	%		5.40	%
2011 Q3		21,385		—		21,385		—			—
2011 Q4		22,363		11,193		33,556		0.23	%		4.87	%
Total 2011		65,309		14,534		79,843		0.30	%		3.73	%
2012 Q1		22,117		14,696		36,813		0.30	%		5.02	%
2012 Q2 [2]		22,538		164,437		186,975		3.37	%		2.51	%
2012 Q3		21,349		90,183		111,532		1.85	%		6.07	%
2012 Q4		21,590		42,664		64,254		0.87	%		3.13	%
Total 2012		87,594		311,980		399,574		6.39	%		5.48	%
2013		85,369		307,055		392,424		6.29	%		5.48	%
2014		84,476		357,030		441,506		7.31	%		5.65	%
2015		82,417		335,679		418,096		6.87	%		5.41	%
2016		76,149		415,231		491,380		8.50	%		5.63	%
2017		69,316		464,367		533,683		9.51	%		5.95	%
2018		64,574		143,287		207,861		2.93	%		4.95	%
2019		58,188		449,086		507,274		9.19	%		5.97	%
2020		45,004		388,863		433,867		7.96	%		6.44	%
2021		29,129		449,639		478,768		9.21	%		5.95	%
Thereafter		293,654		206,606		500,260		4.23	%		4.23	%
Total	$	1,041,179	$	3,843,357	$	4,884,536

[2] Q2 2012 maturities include approximately $150.7 million of debt ($134.9 million at carrying amount) subject to total return swaps for which the swap maturity dates are in 2012 and the related debt maturities are beyond 2012.

AIMCO 1st Quarter 2011 Page 8

Supplemental Schedule 4 (continued)

Non-recourse Property Debt Information	(page 2 of 2)
As of March 31, 2011
(in millions) (unaudited)

Year-to-Date Property Loan Closings

	Original		New		Net			Aimco Net
	Loan		Loan		(Repayment)			(Repayment)			Prior			New
Original Loan Maturity Year	Amount		Amount [1]		Proceeds [2]			Proceeds [3]			Rate			Rate [4]
2011 [5]	$	161.0	$	142.7	$	(19.3	)	$	(9.1	)		5.60	%		3.68	%
2012 [5][6]		112.0		110.6		(2.4	)		(2.4	)		1.00	%		5.46	%
2015 [5]		14.9		10.0		(5.0	)		(5.0	)		5.69	%		5.56	%
2020		4.3		7.3		2.0			2.0			7.90	%		4.99	%
2040		45.7		46.5		0.2			0.2			6.88	%		4.15	%
New loans		—		4.1		3.9			3.9			—			3.45	%
Totals	$	337.9	$	321.2	$	(20.6	)	$	(10.4	)		4.28	%		4.44	%

[1]	New loans typically have terms ranging from 7 to 10 years.
[2]	Net (Repayment) Proceeds is (inclusive of) after transaction costs and prepayment penalties.
[3]	Aimco Net (Repayment) Proceeds is (inclusive of) after payment of distributions to noncontrolling partners.
[4]	The interest rates on all New Loans closed during the period are fixed.
[5]	As part of Aimco’s leverage strategy, Aimco reduced the sizing of these loans, resulting in net repayments in connection with the refinancing transactions.
[6]	The Original Loans had a variable interest rate indexed to SIFMA, which was significantly less than the New Loans’ fixed rates.

Debt Ratios

	Amount		Covenant
Debt service coverage ratio		1.58:1		1.40:1
Fixed charge coverage ratio		1.34:1		1.20:1
EBITDA coverage of interest		2.11:1		n/a
EBITDA coverage of interest and preferred dividends		1.72:1		n/a

Credit Ratings

Moody’s Investor Service	Corporate Family Rating	Ba1 (stable outlook)
Standard and Poor’s	Corporate Credit Rating	BB+ (stable)

AIMCO 1st Quarter 2011 Page 9

Supplemental Schedule 5

Share Data
(in thousands) (unaudited)

Preferred Securities

	Shares/Units		Date First
	Outstanding		Available for
	as of		Redemption by
	March 31, 2011		Aimco		Coupon			Amount
Perpetual Preferred Stock:
Class T		6,000		7/31/2008		8.000	%	$	150,000
Class U		12,000		3/24/2009		7.750	%		300,000
Class V		3,450		9/29/2009		8.000	%		86,250
Class Y		3,450		12/21/2009		7.875	%		86,250
Series A Community Reinvestment Act [1]		—		6/30/2011		1.550	%		57,000
Total perpetual preferred stock									679,500
Preferred Partnership Units [2]		3,062				8.096	%		82,533
Total outstanding preferred securities								$	762,033

Common Stock, Partnership Units and Equivalents

			Three Months Ended
	As of		March 31, 2011
	March 31, 2011		EPS		FFO
Class A Common Stock outstanding		118,634		117,320		117,320
Dilutive securities:
Options, restricted stock and officer loan shares		422		—		330
Total shares and dilutive share equivalents		119,056		117,320		117,650
Common Partnership Units and equivalents [3]		8,439
Total shares, units and dilutive share equivalents		127,495

Notes

[1]	Represents 114 shares at a liquidation preference per share of $500,000. The remaining amount at March 31, 2011, includes $20.0 million, which is subject to a repurchase agreement and is classified within temporary equity in the consolidated balance sheet. The dividend rate is a variable rate per annum equal to the Three-Month LIBOR Rate plus 1.25%, calculated as of the beginning of each quarterly period.
[2]	Coupon is based on a weighted average of all outstanding series of Preferred Partnership Units.
[3]	Includes the Aimco Operating Partnership’s common OP Units and High Performance Units, which are included in common noncontrolling interests in Aimco Operating Partnership within Aimco’s consolidated financial statements and on Supplemental Schedule 1.

AIMCO 1st Quarter 2011 Page 10

Supplemental Schedule 6(a)

Conventional Same Store Operating Results
First Quarter 2011 Compared to First Quarter 2010
(in thousands, except site and unit data) (unaudited)

																												Operating
					Effective		Revenue							Expenses							Net Operating Income							Margin			Occupancy						Rental Rates
	Properties		Units		Units		1Q 2011		1Q 2010		Growth			1Q 2011		1Q 2010		Growth			1Q 2011		1Q 2010		Growth			1Q 2011			1Q 2011			1Q 2010			1Q 2011		1Q 2010
Target Markets
Los Angeles		13		3,949		3,297	$	18,781	$	18,838		-0.3	%	$	5,865	$	6,081		-3.6	%	$	12,916	$	12,757		1.2	%		68.8	%		96.7	%		96.3	%	$	1,981	$	2,001
Orange County		4		1,213		1,143		5,404		5,356		0.9	%		1,704		1,746		-2.4	%		3,700		3,610		2.5	%		68.5	%		96.8	%		96.8	%		1,509		1,500
San Diego		6		2,144		2,074		8,003		7,702		3.9	%		2,150		2,414		-10.9	%		5,853		5,288		10.7	%		73.1	%		95.7	%		95.3	%		1,220		1,190
Southern CA Total		23		7,306		6,514		32,188		31,896		0.9	%		9,719		10,241		-5.1	%		22,469		21,655		3.8	%		69.8	%		96.4	%		96.1	%		1,681		1,682
East Bay		2		413		353		1,423		1,391		2.3	%		559		613		-8.8	%		864		778		11.1	%		60.7	%		97.3	%		97.2	%		1,226		1,197
San Jose		1		224		224		1,064		1,019		4.4	%		420		423		-0.7	%		644		596		8.1	%		60.5	%		98.6	%		96.7	%		1,470		1,481
San Francisco		5		776		776		3,713		3,584		3.6	%		1,158		1,359		-14.8	%		2,555		2,225		14.8	%		68.8	%		97.0	%		97.0	%		1,491		1,455
Northern CA Total		8		1,413		1,353		6,200		5,994		3.4	%		2,137		2,395		-10.8	%		4,063		3,599		12.9	%		65.5	%		97.3	%		97.0	%		1,410		1,384
Seattle		3		413		310		1,287		1,252		2.8	%		469		496		-5.4	%		818		756		8.2	%		63.6	%		97.7	%		96.9	%		1,220		1,194
Pacific Total		34		9,132		8,177		39,675		39,142		1.4	%		12,325		13,132		-6.1	%		27,350		26,010		5.2	%		68.9	%		96.6	%		96.3	%		1,617		1,613
Suburban New York — New Jersey		4		1,162		944		3,606		3,595		0.3	%		1,300		1,111		17.0	%		2,306		2,484		-7.2	%		63.9	%		94.5	%		95.2	%		1,172		1,189
Washington — NoVA — MD		15		6,711		6,592		25,963		24,695		5.1	%		7,763		8,664		-10.4	%		18,200		16,031		13.5	%		70.1	%		96.8	%		96.7	%		1,247		1,194
Boston		9		3,068		3,068		10,695		10,869		-1.6	%		4,549		4,372		4.0	%		6,146		6,497		-5.4	%		57.5	%		96.1	%		96.5	%		1,141		1,146
Philadelphia		6		3,573		3,428		14,146		14,035		0.8	%		6,146		6,143		0.0	%		8,000		7,892		1.4	%		56.6	%		95.9	%		95.4	%		1,232		1,218
Northeast Total		34		14,514		14,032		54,410		53,194		2.3	%		19,758		20,290		-2.6	%		34,652		32,904		5.3	%		63.7	%		96.3	%		96.2	%		1,215		1,189
Miami		5		2,471		2,359		11,954		11,536		3.6	%		4,485		5,208		-13.9	%		7,469		6,328		18.0	%		62.5	%		98.2	%		97.0	%		1,541		1,525
Palm Beach — Fort Lauderdale		3		893		893		2,337		2,392		-2.3	%		1,105		1,190		-7.1	%		1,232		1,202		2.5	%		52.7	%		96.3	%		95.3	%		800		835
Orlando		8		2,236		2,174		5,050		5,025		0.5	%		2,201		2,192		0.4	%		2,849		2,833		0.6	%		56.4	%		95.5	%		94.5	%		712		717
Tampa		6		1,755		1,688		4,000		4,050		-1.2	%		1,714		1,812		-5.4	%		2,286		2,238		2.1	%		57.2	%		96.4	%		96.2	%		707		724
Jacksonville		4		1,643		1,643		4,033		4,102		-1.7	%		1,984		1,920		3.3	%		2,049		2,182		-6.1	%		50.8	%		94.7	%		95.4	%		760		774
Florida Total		26		8,998		8,757		27,374		27,105		1.0	%		11,489		12,322		-6.8	%		15,885		14,783		7.5	%		58.0	%		96.3	%		95.8	%		960		965
Houston		6		2,101		1,842		3,880		4,040		-4.0	%		1,868		2,015		-7.3	%		2,012		2,025		-0.6	%		51.9	%		93.3	%		95.1	%		661		676
Denver		9		2,553		1,991		5,651		5,448		3.7	%		1,742		1,894		-8.0	%		3,909		3,554		10.0	%		69.2	%		98.1	%		96.0	%		800		785
Phoenix		16		4,032		3,524		7,140		7,075		0.9	%		2,888		3,231		-10.6	%		4,252		3,844		10.6	%		59.6	%		97.3	%		95.3	%		609		626
Dallas — Fort Worth		2		569		569		1,326		1,328		-0.2	%		641		673		-4.8	%		685		655		4.6	%		51.7	%		97.0	%		97.1	%		702		706
Atlanta		4		992		822		2,359		2,296		2.7	%		880		912		-3.5	%		1,479		1,384		6.9	%		62.7	%		97.8	%		96.1	%		902		889
Sunbelt Total		63		19,245		17,505		47,730		47,292		0.9	%		19,508		21,047		-7.3	%		28,222		26,245		7.5	%		59.1	%		96.5	%		95.7	%		822		827
Chicago		14		4,444		4,283		14,937		14,810		0.9	%		5,152		6,533		-21.1	%		9,785		8,277		18.2	%		65.5	%		96.9	%		96.5	%		1,068		1,068
Total Target Markets		145		47,335		43,997		156,752		154,438		1.5	%		56,743		61,002		-7.0	%		100,009		93,436		7.0	%		63.8	%		96.5	%		96.0	%		1,119		1,113
Other
Baltimore		3		701		628		2,411		2,226		8.3	%		874		1,106		-21.0	%		1,537		1,120		37.2	%		63.7	%		96.9	%		95.1	%		1,155		1,091
Nashville		3		764		618		1,848		1,825		1.3	%		688		820		-16.1	%		1,160		1,005		15.4	%		62.8	%		95.5	%		96.5	%		906		900
Norfolk — Richmond		5		1,495		1,403		4,386		4,281		2.5	%		1,237		1,286		-3.8	%		3,149		2,995		5.1	%		71.8	%		96.3	%		95.7	%		953		949
Other Markets		22		9,878		9,797		23,860		23,489		1.6	%		11,268		11,589		-2.8	%		12,592		11,900		5.8	%		52.8	%		96.2	%		95.7	%		729		727
Total Other		33		12,838		12,447		32,505		31,821		2.1	%		14,067		14,801		-5.0	%		18,438		17,020		8.3	%		56.7	%		96.2	%		95.7	%		789		783
CONVENTIONAL SAME STORE SALES TOTALS		178		60,173		56,444	$	189,257	$	186,259		1.6	%	$	70,810	$	75,803		-6.6	%	$	118,447	$	110,456		7.2	%		62.6	%		96.4	%		96.0	%	$	1,049	$	1,043

AIMCO 1st Quarter 2011 Page 11

Supplemental Schedule 6(b)

Conventional Same Store Operating Results
First Quarter 2011 Compared to Fourth Quarter 2010
(in thousands, except site and unit data) (unaudited)

																												Operating
					Effective		Revenue							Expenses							Net Operating Income							Margin			Occupancy						Rental Rates
	Properties		Units		Units		1Q 2011		4Q 2010		Growth			1Q 2011		4Q 2010		Growth			1Q 2011		4Q 2010		Growth			1Q 2011			1Q 2011			4Q 2010			1Q 2011		4Q 2010
Target Markets
Los Angeles		13		3,949		3,297	$	18,781	$	18,848		-0.4	%	$	5,865	$	5,946		-1.4	%	$	12,916	$	12,902		0.1	%		68.8	%		96.7	%		97.3	%	$	1,981	$	1,979
Orange County		4		1,213		1,143		5,404		5,396		0.1	%		1,704		1,980		-13.9	%		3,700		3,416		8.3	%		68.5	%		96.8	%		95.7	%		1,509		1,517
San Diego		6		2,144		2,074		8,003		8,150		-1.8	%		2,150		2,483		-13.4	%		5,853		5,667		3.3	%		73.1	%		95.7	%		96.1	%		1,220		1,229
Southern CA Total		23		7,306		6,514		32,188		32,394		-0.6	%		9,719		10,409		-6.6	%		22,469		21,985		2.2	%		69.8	%		96.4	%		96.7	%		1,681		1,684
East Bay		2		413		353		1,423		1,386		2.7	%		559		598		-6.5	%		864		788		9.6	%		60.7	%		97.3	%		96.9	%		1,226		1,212
San Jose		1		224		224		1,064		1,036		2.7	%		420		423		-0.7	%		644		613		5.1	%		60.5	%		98.6	%		97.7	%		1,470		1,456
San Francisco		5		776		776		3,713		3,715		-0.1	%		1,158		1,437		-19.4	%		2,555		2,278		12.2	%		68.8	%		97.0	%		97.3	%		1,491		1,486
Northern CA Total		8		1,413		1,353		6,200		6,137		1.0	%		2,137		2,458		-13.1	%		4,063		3,679		10.4	%		65.5	%		97.3	%		97.3	%		1,410		1,401
Seattle		3		413		310		1,287		1,368		-5.9	%		469		505		-7.1	%		818		863		-5.2	%		63.6	%		97.7	%		97.4	%		1,220		1,281
Pacific Total		34		9,132		8,177		39,675		39,899		-0.6	%		12,325		13,372		-7.8	%		27,350		26,527		3.1	%		68.9	%		96.6	%		96.8	%		1,617		1,622
Suburban New York — New Jersey		4		1,162		944		3,606		3,519		2.5	%		1,300		1,281		1.5	%		2,306		2,238		3.0	%		63.9	%		94.5	%		94.5	%		1,172		1,180
Washington — NoVA — MD		15		6,711		6,592		25,963		25,274		2.7	%		7,763		7,664		1.3	%		18,200		17,610		3.4	%		70.1	%		96.8	%		97.4	%		1,247		1,220
Boston		9		3,068		3,068		10,695		10,699		0.0	%		4,549		3,918		16.1	%		6,146		6,781		-9.4	%		57.5	%		96.1	%		96.6	%		1,141		1,139
Philadelphia		6		3,573		3,428		14,146		14,127		0.1	%		6,146		5,361		14.6	%		8,000		8,766		-8.7	%		56.6	%		95.9	%		96.4	%		1,232		1,232
Northeast Total		34		14,514		14,032		54,410		53,619		1.5	%		19,758		18,224		8.4	%		34,652		35,395		-2.1	%		63.7	%		96.3	%		96.7	%		1,215		1,203
Miami		5		2,471		2,359		11,954		12,002		-0.4	%		4,485		3,705		21.1	%		7,469		8,297		-10.0	%		62.5	%		98.2	%		98.3	%		1,541		1,546
Palm Beach — Fort Lauderdale		3		893		893		2,337		2,349		-0.5	%		1,105		1,203		-8.1	%		1,232		1,146		7.5	%		52.7	%		96.3	%		95.2	%		800		814
Orlando		8		2,236		2,174		5,050		4,998		1.0	%		2,201		2,292		-4.0	%		2,849		2,706		5.3	%		56.4	%		95.5	%		95.3	%		712		712
Tampa		6		1,755		1,688		4,000		4,000		0.0	%		1,714		1,751		-2.1	%		2,286		2,249		1.6	%		57.2	%		96.4	%		96.5	%		707		710
Jacksonville		4		1,643		1,643		4,033		4,093		-1.5	%		1,984		1,806		9.9	%		2,049		2,287		-10.4	%		50.8	%		94.7	%		97.5	%		760		760
Florida Total		26		8,998		8,757		27,374		27,442		-0.2	%		11,489		10,757		6.8	%		15,885		16,685		-4.8	%		58.0	%		96.3	%		96.8	%		960		963
Houston		6		2,101		1,842		3,880		3,844		0.9	%		1,868		1,788		4.5	%		2,012		2,056		-2.1	%		51.9	%		93.3	%		92.1	%		661		665
Denver		9		2,553		1,991		5,651		5,746		-1.7	%		1,742		1,805		-3.5	%		3,909		3,941		-0.8	%		69.2	%		98.1	%		98.2	%		800		791
Phoenix		16		4,032		3,524		7,140		7,295		-2.1	%		2,888		3,090		-6.5	%		4,252		4,205		1.1	%		59.6	%		97.3	%		97.5	%		609		606
Dallas — Fort Worth		2		569		569		1,326		1,319		0.5	%		641		654		-2.0	%		685		665		3.0	%		51.7	%		97.0	%		97.4	%		702		697
Atlanta		4		992		822		2,359		2,368		-0.4	%		880		883		-0.3	%		1,479		1,485		-0.4	%		62.7	%		97.8	%		98.1	%		902		901
Sunbelt Total		63		19,245		17,505		47,730		48,014		-0.6	%		19,508		18,977		2.8	%		28,222		29,037		-2.8	%		59.1	%		96.5	%		96.7	%		822		822
Chicago		14		4,444		4,283		14,937		14,917		0.1	%		5,152		5,576		-7.6	%		9,785		9,341		4.8	%		65.5	%		96.9	%		97.2	%		1,068		1,063
Total Target Markets		145		47,335		43,997		156,752		156,449		0.2	%		56,743		56,149		1.1	%		100,009		100,300		-0.3	%		63.8	%		96.5	%		96.8	%		1,119		1,116
Other
Baltimore		3		701		628		2,411		2,246		7.3	%		874		799		9.4	%		1,537		1,447		6.2	%		63.7	%		96.9	%		97.2	%		1,155		1,127
Nashville		3		764		618		1,848		1,825		1.3	%		688		680		1.2	%		1,160		1,145		1.3	%		62.8	%		95.5	%		96.2	%		906		902
Norfolk — Richmond		5		1,495		1,403		4,386		4,335		1.2	%		1,237		1,263		-2.1	%		3,149		3,072		2.5	%		71.8	%		96.3	%		96.0	%		953		951
Other Markets		22		9,878		9,797		23,860		23,795		0.3	%		11,268		10,485		7.5	%		12,592		13,310		-5.4	%		52.8	%		96.2	%		96.8	%		729		727
Total Other		33		12,838		12,447		32,505		32,201		0.9	%		14,067		13,227		6.4	%		18,438		18,974		-2.8	%		56.7	%		96.2	%		96.7	%		789		786
CONVENTIONAL SAME STORE SALES TOTALS		178		60,173		56,444	$	189,257	$	188,650		0.3	%	$	70,810	$	69,376		2.1	%	$	118,447	$	119,274		-0.7	%		62.6	%		96.4	%		96.7	%	$	1,049	$	1,046

AIMCO 1st Quarter 2011 Page 12

Supplemental Schedule 7(a)

Total Conventional Portfolio Data by Market
First Quarter 2011 Compared to First Quarter 2010
(unaudited)

	Quarter Ended March 31, 2011														Quarter Ended March 31, 2010
								Effective															Effective
	Properties		Units		Ownership			Units		% AIV NOI			Average Rent		Properties		Units			Ownership			Units		% AIV NOI			Average Rent
Target Markets
Los Angeles		14		4,645		86	%		3,993		10.0	%	$	1,981		14		4,641			86	%		3,990		10.3	%	$	2,001
Orange County		4		1,213		94	%		1,143		2.9	%		1,509		4		1,213			94	%		1,143		2.9	%		1,500
San Diego		6		2,144		97	%		2,074		4.5	%		1,219		6		2,144			97	%		2,074		4.2	%		1,190
Southern CA Total		24		8,002		90	%		7,210		17.4	%		1,680		24		7,998			90	%		7,207		17.4	%		1,682
East Bay		2		413		86	%		353		0.7	%		1,226		2		413			85	%		353		0.6	%		1,197
San Jose		1		224		100	%		224		0.5	%		1,470		1		224			100	%		224		0.5	%		1,481
San Francisco		6		1,084		100	%		1,084		2.0	%		1,491		6		1,082			100	%		1,082		1.8	%		1,459
Northern CA Total		9		1,721		97	%		1,661		3.2	%		1,410		9		1,719			97	%		1,659		2.9	%		1,386
Seattle		3		413		75	%		310		0.6	%		1,217		3		413			75	%		309		0.6	%		1,194
Pacific Total		36		10,136		91	%		9,181		21.2	%		1,617		36		10,130			91	%		9,175		20.9	%		1,613
Manhattan		22		957		100	%		957		2.9	%		2,523		22		957			100	%		955		2.8	%		2,359
Suburban New York — New Jersey		4		1,162		81	%		944		1.8	%		1,172		4		1,162			81	%		944		2.0	%		1,189
New York Total		26		2,119		90	%		1,901		4.7	%		1,793		26		2,119			90	%		1,899		4.8	%		1,720
Washington — NoVA — MD		17		8,015		88	%		7,048		14.4	%		1,247		17		8,015	��		84	%		6,744		12.6	%		1,194
Boston		11		4,129		100	%		4,129		6.6	%		1,162		12		4,250			100	%		4,250		7.3	%		1,163
Philadelphia		7		3,888		94	%		3,664		6.4	%		1,231		7		3,886			91	%		3,539		6.4	%		1,216
Northeast Total		61		18,151		92	%		16,742		32.1	%		1,291		62		18,270			90	%		16,432		31.1	%		1,257
Miami		5		2,471		95	%		2,359		5.8	%		1,541		5		2,471			95	%		2,348		5.1	%		1,525
Palm Beach — Fort Lauderdale		4		1,265		100	%		1,265		1.2	%		818		6		1,891			92	%		1,741		2.1	%		887
Orlando		9		2,836		98	%		2,774		2.7	%		724		10		3,000			90	%		2,708		3.0	%		726
Tampa		6		1,755		96	%		1,688		1.7	%		707		6		1,755			92	%		1,620		1.7	%		724
Jacksonville		4		1,643		100	%		1,643		1.5	%		760		4		1,643			85	%		1,404		1.5	%		773
Florida Total		28		9,970		98	%		9,729		12.9	%		948		31		10,760			91	%		9,821		13.4	%		947
Houston		7		2,835		84	%		2,376		2.0	%		669		8		3,027			83	%		2,505		2.2	%		679
Denver		9		2,553		78	%		1,991		3.0	%		800		9		2,553			78	%		1,991		2.9	%		785
Phoenix		17		4,419		89	%		3,911		3.5	%		595		17		4,418			89	%		3,910		3.3	%		613
Dallas — Fort Worth		2		569		100	%		569		0.5	%		702		2		569			100	%		569		0.5	%		706
Atlanta		5		1,295		87	%		1,125		1.4	%		871		7		1,574			77	%		1,214		1.3	%		842
Sunbelt Total		68		21,641		91	%		19,701		23.3	%		810		74		22,901			87	%		20,010		23.6	%		817
Chicago		15		4,633		97	%		4,472		8.1	%		1,101		15		4,633			94	%		4,348		7.1	%		1,101
Total Target Markets		180		54,561		92	%		50,096		84.7	%		1,133		187		55,934			89	%		49,965		82.7	%		1,119
Other [1]
Baltimore		5		1,180		84	%		993		1.7	%		1,064		5		1,180			84	%		993		1.4	%		1,028
Inland Empire		2		376		100	%		376		0.4	%		753		3		574			89	%		513		0.6	%		828
Michigan		3		3,303		100	%		3,303		2.4	%		581		6		3,855			94	%		3,636		2.5	%		626
Minneapolis		2		732		89	%		651		1.6	%		1,448		2		732			89	%		651		1.6	%		1,456
Nashville		4		1,114		77	%		861		1.1	%		845		4		1,114			77	%		861		1.0	%		839
Non-Target Florida		9		2,004		100	%		2,004		1.8	%		635		10		2,204			100	%		2,204		2.0	%		647
Norfolk — Richmond		6		1,643		94	%		1,551		2.6	%		938		6		1,643			94	%		1,551		2.6	%		937
Providence, RI		2		708		100	%		708		0.9	%		1,076		2		708			100	%		708		1.1	%		1,078
Other Markets		5		3,024		95	%		2,867		2.8	%		694		14		5,290			90	%		4,779		4.5	%		673
Total Other		38		14,084		95	%		13,314		15.3	%		791		52		17,300			92	%		15,896		17.3	%		773
Grand Total		218		68,645		92	%		63,410		100.0	%	$	1,060		239		73,234			90	%		65,861		100.0	%	$	1,034

[1] For the quarters ended March 31, 2011 and 2010, Aimco’s conventional portfolio included assets in 17 and 18 markets, respectively, in which Aimco invests on an opportunistic basis or that Aimco intends to exit.

AIMCO 1st Quarter 2011 Page 13

Supplemental Schedule 7(b)

Total Conventional Portfolio Data by Market
Fourth Quarter 2010 Market Information
(unaudited)

Aimco’s portfolio strategy focuses on the ownership of a broadly diversified portfolio of B/B+ assets with properties concentrated in the 20 largest U.S. markets as measured by total apartment value, with a target allocation to Conventional Properties of 90%. Aimco measures Conventional Property asset quality based on average rents compared to local market average rents as reported by REIS (a third-party provider of commercial real estate performance and analysis), with A-quality assets earning rents greater than 125% of local market average, B-quality assets earning rents 90% to 125% of local market average and C-quality assets earning rents less than 90% of local market average. Aimco’s geographic allocation strategy focuses on the 20 largest U.S. markets, with market quality measured in part based on long-term growth characteristics.

The following schedule illustrates Aimco’s Conventional Property portfolio quality and market growth projections based on 4Q 2010 data, as this is the most recent period for which third-party data is available.

	Quarter Ended December 31, 2010
																				2011 - 2013
																	+/- Market			Projected
								Effective					Average		Market Rent		Rent			Revenue
	Properties		Units		Ownership			Units		% AIV NOI			Rent		[1]		Average			Growth [2]
Target Markets
Los Angeles		14		4,645		86	%		3,993		9.7	%	$	1,979	$	1,347		47.0	%		3.8	%
Orange County		4		1,213		94	%		1,143		2.6	%		1,517		1,461		3.8	%		4.6	%
San Diego		6		2,143		97	%		2,073		4.3	%		1,229		1,299		-5.3	%		4.7	%
Southern CA Total		24		8,001		90	%		7,209		16.6	%		1,685		1,352		24.6	%		4.1	%
East Bay		2		413		86	%		353		0.6	%		1,212		1,276		-5.0	%		4.5	%
San Jose		1		224		100	%		224		0.5	%		1,456		1,459		-0.2	%		5.5	%
San Francisco		6		1,083		100	%		1,083		1.7	%		1,487		1,775		-16.2	%		4.5	%
Northern CA Total		9		1,720		97	%		1,660		2.8	%		1,402		1,579		-11.2	%		4.6	%
Seattle		3		413		75	%		310		0.7	%		1,211		975		24.2	%		4.4	%
Pacific Total		36		10,134		91	%		9,179		20.1	%		1,619		1,370		18.2	%		4.2	%
Manhattan		22		957		100	%		957		3.8	%		2,441		2,782		-12.3	%		5.1	%
Suburban New York — New Jersey		4		1,162		81	%		944		1.7	%		1,180		1,449		-18.5	%		3.1	%
New York Total		26		2,119		90	%		1,901		5.5	%		1,758		2,051		-14.3	%		4.4	%
Washington — NoVA — MD		17		8,015		88	%		7,048		13.8	%		1,219		1,403		-13.1	%		5.1	%
Boston		11		4,129		100	%		4,129		7.2	%		1,160		1,649		-29.7	%		5.1	%
Philadelphia		7		3,888		91	%		3,541		6.9	%		1,227		1,003		22.4	%		3.9	%
Northeast Total		61		18,151		92	%		16,619		33.4	%		1,273		1,452		-12.3	%		4.7	%
Miami		5		2,471		95	%		2,359		6.3	%		1,540		1,032		49.2	%		3.6	%
Palm Beach — Fort Lauderdale		4		1,265		93	%		1,179		1.1	%		829		1,048		-20.8	%		4.3	%
Orlando		9		2,836		92	%		2,620		2.6	%		727		805		-9.7	%		4.1	%
Tampa		6		1,755		92	%		1,621		1.7	%		710		791		-10.3	%		4.5	%
Jacksonville		4		1,643		85	%		1,404		1.5	%		760		755		0.6	%		3.7	%
Florida Total		28		9,970		92	%		9,183		13.2	%		949		881		7.6	%		3.9	%
Houston		7		2,835		82	%		2,313		2.0	%		671		728		-7.9	%		6.0	%
Denver		9		2,553		78	%		1,991		3.0	%		791		812		-2.5	%		4.3	%
Phoenix		17		4,420		89	%		3,912		3.4	%		592		681		-13.0	%		5.1	%
Dallas — Fort Worth		2		569		100	%		569		0.5	%		697		749		-7.0	%		4.4	%
Atlanta		5		1,295		80	%		1,041		1.3	%		870		755		15.2	%		4.3	%
Sunbelt Total		68		21,642		88	%		19,009		23.4	%		809		801		1.1	%		4.4	%
Chicago		15		4,633		94	%		4,348		7.6	%		1,098		994		10.4	%		3.3	%
Total Target Markets		180		54,560		90	%		49,155		84.5	%		1,127		1,128		0.0	%		4.4	%
Other
Baltimore		5		1,180		84	%		993		1.7	%		1,045		969		7.8	%		3.4	%
Inland Empire		2		376		100	%		376		0.4	%		746		994		-25.0	%		4.0	%
Michigan		3		3,303		100	%		3,303		2.5	%		578		762		-24.1	%		2.7	%
Minneapolis		2		732		89	%		651		1.7	%		1,447		904		60.1	%		3.5	%
Nashville		4		1,114		77	%		861		1.1	%		840		709		18.5	%		4.3	%
Non-Target Florida		9		2,004		100	%		2,004		1.7	%		633		888		-28.7	%		4.0	%
Norfolk — Richmond		6		1,643		94	%		1,551		2.5	%		937		799		17.3	%		3.3	%
Providence RI		2		708		100	%		708		1.2	%		1,075		1,150		-6.6	%		4.3	%
Other Markets		6		3,352		89	%		2,995		2.7	%		666		819		-18.7	%		3.2	%
Total Other		39		14,412		93	%		13,442		15.5	%		778		842		-7.6	%		3.5	%
Grand Total		219		68,972		91	%		62,597		100.0	%	$	1,052	$	1,066		-1.3	%		4.2	%

[1]	4Q 2010 REIS
[2]	Represents the average of annual revenue growth projections published by REIS, PPR and Axiometrics, third-party providers of commercial real estate information and analyses.

AIMCO 1st Quarter 2011 Page 14

Supplemental Schedule 8

Property Sales and Acquisition Activity
(dollars in millions, except average rent) (unaudited)

First Quarter 2011 Dispositions

	Number		Number				NOI							Aimco		Aimco
	of		of		Gross		Cap			Property		Net Sales		Gross		Net		Average
	Properties		Units		Proceeds		Rate [1]			Debt		Proceeds [2]		Proceeds		Proceeds		Rent
Conventional		2		478	$	10.5		9.7	%	$	6.4	$	3.0	$	5.5	$	3.2	$	462
Affordable		5		647		18.4		10.3	%		9.3		8.3		8.7		6.0		651
Total Dispositions		7		1,125	$	28.9		10.1	%	$	15.7	$	11.3	$	14.2	$	9.2	$	569

[1]	NOI Cap Rate is calculated based on the trailing twelve month NOI prior to sale, less a 3.5% management fee, divided by the gross proceeds.
[2]	Net Sales Proceeds are after repayment of existing debt, net working capital settlements, payment of transaction costs and prepayment penalties.
[3]	Year-to-date, Aimco has disposed of Conventional Properties in the following markets:

Market	Properties		Units
Other Markets:
Indianapolis — Fort Wayne		1		328
Other Markets		1		150
Total Other		2		478
Total Conventional Dispositions		2		478

First Quarter 2011 Acquisitions

During 2011, Aimco acquired the remaining noncontrolling limited partnership interests in six consolidated real estate partnerships that own nine properties and in which Aimco affiliates serve as general partner for a total cost of $6.1 million.

AIMCO 1st Quarter 2011 Page 15

Supplemental Schedule 9

Capital Additions
(in thousands, except per unit data) (unaudited)

All capital additions are classified as either Capital Replacements (“CR”), Capital Improvements (“CI”), Redevelopment or Casualties. Non-redevelopment and non-casualty capital additions are apportioned between CR and CI based on the useful life of the capital item under consideration and the period Aimco has owned the property (i.e., the portion that was consumed during Aimco’s ownership of the item represents CR; the portion of the item that was consumed prior to Aimco’s ownership represents CI). See the Glossary for further descriptions.

Amounts below represent actual additions related to residential properties that are owned and managed by Aimco at the end of the period. These amounts include consolidated and unconsolidated properties and are not adjusted for Aimco’s ownership interest in such properties. Amounts do not include capital additions related to:

• properties sold during the period or properties held for sale at the end of the period;

• properties that are not multi-family such as commercial properties or fitness facilities; and

• properties that Aimco owns but does not manage.

See the Glossary for a reconciliation of these amounts to GAAP capital additions.

	Actual Additions
	Three Months Ended March 31, 2011
	Conventional		Affordable			Total
Capital Additions
Capital Replacements
Buildings and grounds	$	3,890	$	1,413		$	5,303
Turnover capital additions		3,844		998			4,842
Capitalized site payroll and indirect costs		2,466		454			2,920
Total Capital Replacements		10,200		2,865			13,065
Capital Improvements		4,288		1,393			5,681
Redevelopment Additions		4,885		(225	)		4,660
Casualties		3,350		252			3,602
Total Capital Additions	$	22,723	$	4,285		$	27,008
Capital Replacements and Improvements per Unit
Total units		66,954		19,516			86,470
Total Capital Replacements per unit	$	152	$	147		$	151
Capital Improvements per unit		64		71			66
Total Capital Replacements and Improvements per unit	$	216	$	218		$	217

AIMCO 1st Quarter 2011 Page 16

Glossary and Reconciliations of Non-GAAP Financial and Operating Measures

This Earnings Release and Supplemental Information include certain financial measures used by Aimco management that are not calculated in accordance with accounting principles generally accepted in the United States, or GAAP. Aimco’s definition and calculation of these non-GAAP financial and operating measures and other terms may differ from the definitions and methodologies used by other REITs and, accordingly, may not be comparable. These non-GAAP financial and operating measures should not be considered an alternative to GAAP net income or any other GAAP measurement of performance and should not be considered an alternative measure of liquidity.

ACQUISITION PROPERTIES:Properties that have been acquired during the twelve months prior to the current quarter-end that have not reached a stabilized level of occupancy during the current period and each period for which comparable results are presented.

ADJUSTED FUNDS FROM OPERATIONS (AFFO):AFFO is Pro forma FFO, as defined below, less Capital Replacement additions, also defined below, and adjusted for the Aimco Operating Partnership’s share of such Capital Replacements. Similar to FFO, AFFO is helpful to investors in understanding Aimco’s performance because it captures features particular to real estate performance by recognizing that real estate generally appreciates over time or maintains residual value to a much greater extent than do other depreciating assets such as machinery, computers or other personal property. There can be no assurance that Aimco’s method for computing AFFO is comparable with that of other real estate investment trusts.

AFFORDABLE PROPERTIES:Affordable Properties benefit from governmental programs intended to provide housing to people with low or moderate incomes. These programs, which are usually administered by the U.S. Department of Housing and Urban Development (HUD) or state housing finance agencies, typically provide mortgage insurance, favorable financing terms, tax credit equity, or rental assistance payments to the property owners. Under these programs, rent adjustments are made in accordance with property-specific contracts between Aimco and HUD, with rent increases generally based on an adjustment factor set by HUD annually. Aimco targets an investment in Affordable Properties of 10% or less of Net Asset Value, which serves to offset the volatility of our Conventional portfolio; provide revenue growth that over time is similar to that of Conventional Properties; expand our investment opportunities; and provide helpful positioning with government bodies, benefiting Aimco’s business overall.

AIMCO OPERATING PARTNERSHIP:AIMCO Properties, L.P., a Delaware limited partnership, is the operating partnership in Aimco’s UPREIT structure. Aimco owns approximately 93% of the common partnership units of the Aimco Operating Partnership.

AIMCO PROPORTIONATE FINANCIAL INFORMATION:Non-GAAP measures representing Aimco’s share of financial information discussed in this Earnings Release and Supplemental Information. Aimco’s proportionate share of financial information includes Aimco’s share of unconsolidated real estate partnerships and excludes noncontrolling interests in consolidated real estate partnerships. Proportionate reporting benefits the users of Aimco’s financial information by providing the amount of revenues, expenses, assets and liabilities attributable only to Aimco stockholders. Aimco also refers to this measure as “Aimco’s Share” of financial information. See Supplemental Schedules 1, 3 and 4 for reconciliation of Aimco’s proportionate share of financial results to Aimco’s consolidated financial statements.

AIMCO 1st Quarter 2011 Page 17

CAPITAL ADDITIONS DEFINITIONS AND RECONCILIATION

CAPITAL IMPROVEMENTS (CI): CI additions include all non-redevelopment capital additions that are made to enhance the value, profitability or useful life of an asset from its original purchase condition.

CAPITAL REPLACEMENTS (CR): Unlike CI additions, CR additions do not increase the useful life of an asset from its original purchase condition. They represent the share of additions that are deemed to replace the consumed portion of acquired capital assets. CR additions are deducted in the calculation of AFFO.

CASUALTY CAPITAL ADDITIONS: Capitalized costs incurred in connection with casualty losses and are associated with the restoration of the asset. A portion of the restoration costs is reimbursed by insurance carriers net of deductibles associated with each loss.

Supplemental Schedule 9 contains capital additions information related to (1) residential properties that Aimco owns and manages at the end of the period, (2) properties that are consolidated in Aimco’s GAAP financial statements, and (3) properties that are accounted for under the equity method of accounting in Aimco’s GAAP financial statements. Amounts do not include capital additions related to:

• consolidated properties sold during the period or properties held for sale at the end of the period;

• consolidated properties that are not multi-family such as commercial properties or fitness facilities; or

• consolidated properties that Aimco owns but does not manage.

Aimco believes the capital addition detail provided in Supplemental Schedule 9 provides an enhanced understanding of capital additions related to our primary business of owning and operating apartment communities. A reconciliation of capital additions presented on Supplemental Schedule 9 to Aimco’s consolidated GAAP information is presented below.

	Three Months Ended
(in thousands) (unaudited)	March 31, 2011
Capital Additions per Schedule 9	$	27,008
Capital additions related to:
Unconsolidated real estate partnerships		(37	)
Consolidated sold and held for sale properties		93
Consolidated properties that are not multi-family, such as commercial properties or fitness facilities		99
Consolidated capital additions	$	27,163

CONVENTIONAL PROPERTIES:Conventional Properties represent Aimco’s portfolio of market-rate apartment communities. Aimco focuses on owning and operating apartment communities with rents that are 100% to 125% of local market average rents and concentrates its investment in the 20 largest apartment markets in the United States, as measured by apartment value. Aimco targets an investment in Conventional Properties of 90% or more of Net Asset Value.

DEBT SERVICE COVERAGE RATIO:As defined in Aimco��s credit agreement, the ratio of (a) Aimco’s adjusted total earnings before interest, taxes, depreciation and amortization (which is reduced by certain capital expenditure reserves) to (b) the actual debt service, for the four fiscal quarters preceding the date of calculation.

EFFECTIVE UNITS:Unit count at 100% ownership multiplied by Aimco’s ownership share. Effective Units may be used to analyze Aimco’s proportionate financial measures on a per-unit basis.

AIMCO 1st Quarter 2011 Page 18

EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTIZATION (EBITDA):EBITDA is equal to Aimco’s adjusted total earnings before interest, taxes, depreciation and amortization as defined in Aimco’s credit agreementbeforecapital addition reserves provided for in Aimco’s credit agreement. EBITDA is the numerator used in Aimco’s calculation of EBITDA Coverage of Interest Ratio and EBITDA Coverage of Preferred Dividends and Interest Ratio.

EBITDA COVERAGE OF INTEREST RATIO:The ratio of (a) Aimco’s EBITDA to (b) total interest expense charges, as provided for in Aimco’s credit agreement, for the four fiscal quarters preceding the date of calculation. This ratio is similar to Aimco’s Debt Service Coverage Ratio with the exception that Aimco’s EBITDA Coverage of Interest Ratio does not include capital addition reserves in the numerator and does not include debt amortization or capitalized interest in the denominator, while Debt Service Coverage Ratio does include these items. Aimco’s credit agreement does not contain any compliance thresholds for the EBITDA Coverage of Interest Ratio; however, Aimco management uses this ratio as one measure of leverage.

EBITDA COVERAGE OF INTEREST AND PREFERRED DIVIDENDS RATIO:The ratio of (a) Aimco’s EBITDA to (b) the sum of total interest expense and dividends/distributions on preferred shares/units, as provided for in Aimco’s credit agreement, for the four fiscal quarters preceding the date of calculation. This ratio is similar to Aimco’s Fixed Charge Coverage Ratio with the exception that Aimco’s EBITDA Coverage of Interest and Preferred Dividends Ratio does not include capital addition reserves in the numerator and does not include debt amortization or capitalized interest in the denominator, while Fixed Charge Coverage Ratio does include these items. Aimco’s credit agreement does not contain any compliance thresholds for the EBITDA Coverage of Interest and Preferred Dividends Ratio; however, Aimco management uses this ratio as one measure of leverage.

FIXED CHARGE COVERAGE RATIO:As defined in Aimco’s credit agreement, the ratio of (a) Aimco’s adjusted total earnings before interest, taxes, depreciation and amortization (which is reduced by certain capital expenditure reserves) to (b) fixed charges, which represents the sum of total interest expense, debt amortization and dividends/distributions on preferred shares/units, for the four fiscal quarters preceding the date of calculation.

FEE MANAGED PROPERTIES:Aimco provides property management and/or asset management services for a portfolio of properties, primarily pursuant to long-term arrangements with affiliated parties. In certain cases, Aimco may indirectly own generally less than one percent of the operations of such properties through a partnership syndication or other fund.

FUNDS FROM OPERATIONS (FFO):FFO is a commonly used measure of REIT performance, which the National Association of Real Estate Investment Trusts (NAREIT) defines as net income, computed in accordance with GAAP, excluding gains from sales of depreciable property, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. Aimco computes FFO for all periods presented in accordance with the guidance set forth by NAREIT’s April 1, 2002 White Paper.

In addition to FFO, Aimco usesPRO FORMA FUNDS FROM OPERATIONS (Pro forma FFO)to measure performance. Pro forma FFO represents FFO as defined above, excluding operating real estate impairments and preferred stock redemption related amounts (adjusted for noncontrolling interests). Both operating real estate impairment losses and preferred stock redemption related amounts are recurring items that affect Aimco’s operating results. Operating real estate impairment losses, net of related income tax benefits and noncontrolling interests, are excluded from Pro forma FFO because Aimco believes the inclusion of such losses in FFO is inconsistent with the treatment of gains on the disposition of operating real estate, which are not included in FFO. Aimco excludes preferred redemption related amounts (gains or losses) from Pro forma FFO because such amounts are not representative of operating results.

AIMCO 1st Quarter 2011 Page 19

FFO and Pro forma FFO are helpful to investors in understanding Aimco’s performance because they capture features particular to real estate performance by recognizing that real estate generally appreciates over time or maintains residual value to a much greater extent than do other depreciating assets such as machinery, computers or other personal property. There can be no assurance that Aimco’s method for computing FFO is comparable with that of other real estate investment trusts. Net income (loss) attributable to Aimco common stockholders as determined in accordance with GAAP is reconciled to FFO and Pro forma FFO as presented on Supplemental Schedule 1 below.

	Three Months Ended
	March 31,
	2011			2010
(in thousands) (unaudited)
Net loss attributable to Aimco common stockholders	$	(31,773	)	$	(40,440	)
Adjustments:
Depreciation and amortization		100,911			105,035
Depreciation and amortization related to non-real estate assets		(3,217	)		(3,948	)
Depreciation of rental property related to noncontrolling partners and unconsolidated entities		(9,554	)		(10,801	)
Gain on dispositions of unconsolidated real estate and other, net of noncontrolling partners’ interest		(120	)		(508	)
Discontinued operations:
Gain on dispositions of real estate, net of noncontrolling partners’ interest		(6,553	)		(17,231	)
Depreciation of rental property, net of noncontrolling partners’ interest		394			3,659
Income tax expense (benefit) arising from disposals		178			(1,052	)
Common noncontrolling interests in Aimco Operating Partnership’s share of above adjustments		(5,700	)		(5,237	)
Preferred stock dividends		12,456			12,922
Amounts allocable to partcipating securities		57			—
Funds From Operations	$	57,079		$	42,399
Preferred stock dividends		(12,456	)		(12,922	)
Amounts allocable to participating securities		(232	)		(154	)
Funds From Operations Attributable to Aimco Common Stockholders — Diluted	$	44,391		$	29,323
Operating real estate impairment losses, net of noncontrolling partners’ interest and related income tax benefit		1,474			8,209
Common noncontrolling interests in Aimco Operating Partnership’s share of above adjustments		(102	)		(571	)
Amounts allocable to participating securities		(8	)		(40	)
Pro Forma Funds From Operations Attributable to Aimco Common Stockholders — Diluted	$	45,755		$	36,921
Capital Replacements, net of common noncontrolling interests in Aimco Operating Partnership		(11,506	)		(11,516	)
Amounts allocable to participating securities		66			60
Adjusted Funds From Operations Attributable to Aimco Common Stockholders — Diluted	$	34,315		$	25,465
Weighted average shares — diluted FFO		117,650			116,334
Funds From Operations per share (diluted)	$	0.38		$	0.25
Pro forma Funds From Operations per share (diluted)	$	0.39		$	0.32
Adjusted Funds From Operations per share (diluted)	$	0.29		$	0.22

OTHER AFFORDABLE PROPERTIES:Affordable Properties that do not meet the Same Store property definition because (1) the property is under redevelopment, (2) the property is not managed by Aimco, and/or (3) Aimco’s ownership in the property is less than 10%.

OTHER CONVENTIONAL PROPERTIES:Conventional Properties that have significant rent control restrictions, university housing properties and properties that are not multi-family such as commercial properties or fitness facilities.

OTHER EXPENSES, NET:Other expenses, net includes franchise taxes, risk management activities related to our unconsolidated partnerships, certain other corporate expenses and partnership expenses (partnership level expenses incurred directly or indirectly for services such as audit, tax and legal).

AIMCO 1st Quarter 2011 Page 20

PROPERTY NET OPERATING INCOME (NOI):NOI is defined by Aimco as total property rental and other property revenues less direct property operating expenses, including real estate taxes. NOI does not include: property management revenues, primarily from affiliates; casualties; off-site property management expenses; depreciation; or interest expense. NOI is helpful because it helps both investors and management to understand the operating performance of real estate excluding costs associated with decisions about acquisition pricing, overhead allocations and financing arrangements. NOI is considered by many in the real estate industry to be a useful measure for determining the value of real estate. A reconciliation of NOI as presented in this Earnings Release and Supplemental Information to Aimco’s consolidated GAAP amounts is provided below and on the following page.

Reconciliation of Proportionate Property NOI Amounts in Supplemental Schedule 1 to Proportionate Property NOI Amounts Included in Aimco’s Earnings Release and Supplemental Schedule 6(a)
First Quarter 2011 Compared to First Quarter 2010
(in thousands) (unaudited)

	Three Months Ended March 31, 2011												Three Months Ended March 31, 2010
				Properties						Proportionate					Properties					Proportionate
	Proportionate			Owned but			Ownership			Property			Proportionate		Owned but			Ownership		Property
	Amount			Not Managed			Adjustments			Amount			Amount		Not Managed			Adjustments		Amount
Real estate operations:
Rental and other property revenues
Conventional Same Store	$	188,199		$	—		$	1,058		$	189,257		$	182,649	$	—		$	3,610	$	186,259
Affordable Same Store		29,540			—			—			29,540			28,001		—			5		28,006
Total Same Store		217,739			—			1,058			218,797			210,650		—			3,615		214,265
Other Conventional		22,264			(1,198	)		135			21,201			22,240		(1,166	)		371		21,445
Other Affordable		6,219			(2,616	)		—			3,603			5,693		(2,382	)		—		3,311
Total rental and other property revenues		246,222			(3,814	)		1,193			243,601			238,583		(3,548	)		3,986		239,021
Property operating expenses
Conventional Same Store		70,096			—			714			70,810			73,992		—			1,811		75,803
Affordable Same Store		12,486			—			—			12,486			13,528		—			5		13,533
Total Same Store		82,582			—			714			83,296			87,520		—			1,816		89,336
Other Conventional		11,289			(769	)		78			10,598			10,996		(796	)		192		10,392
Other Affordable		3,080			(1,577	)		—			1,503			3,239		(1,726	)		—		1,513
Total property operating expenses		96,951			(2,346	)		792			95,397			101,755		(2,522	)		2,008		101,241
Property NOI:
Conventional Same Store		118,103			—			344			118,447			108,657		—			1,799		110,456
Affordable Same Store		17,054			—			—			17,054			14,473		—			—		14,473
Total Same Store		135,157			—			344			135,501			123,130		—			1,799		124,929
Other Conventional		10,975			(429	)		57			10,603			11,244		(370	)		179		11,053
Other Affordable		3,139			(1,039	)		—			2,100			2,454		(656	)		—		1,798
Net real estate operations	$	149,271		$	(1,468	)	$	401		$	148,204		$	136,828	$	(1,026	)	$	1,978	$	137,780
	% Aimco
	1Q 2011 NOI			Revenue			Expenses			NOI
Year-over-Year Change:
Conventional Same Store		80	%		1.6	%		-6.6	%		7.2	%
Affordable Same Store		12	%		5.5	%		-7.7	%		17.8	%
Total Same Store		92	%		2.1	%		-6.8	%		8.5	%
Other Conventional		7	%		-1.1	%		2.0	%		-4.1	%
Other Affordable		1	%		8.8	%		-0.7	%		16.8	%
Net real estate operations		100	%		1.9	%		-5.8	%		7.6	%

AIMCO 1st Quarter 2011 Page 21

Reconciliation of GAAP to Supplemental Schedule 6(b) Proportionate Conventional Same Store NOI Amounts
(in thousands) (unaudited)

	Three Months Ended December 31, 2010
			Proportionate
			Share of									Proportionate
	Consolidated		Unconsolidated		Noncontrolling			Proportionate		Ownership		Property
	Amounts		Partnerships		Interests			Amount		Adjustments		Amount
Conventional Same Store:
Rental and other property revenues	$	202,308	$	—	$	(15,994	)	$	186,314	$	2,336	$	188,650
Property operating expenses		74,461		—		(6,255	)		68,206		1,170		69,376
Property NOI	$	127,847	$	—	$	(9,739	)	$	118,108	$	1,166	$	119,274

Reconciliation of GAAP to Supplemental Schedule 3 Trailing Twelve Month (TTM) Proportionate NOI Amounts
(in thousands) (unaudited)

													Subtract			Add
													Three Months			Three Months
													Ended			Ended
	Year Ended December 31, 2010									Y2010 to Y2011			March 31, 2010			March 31, 2011
										Property
										Classification,
			Proportionate							Discontinued
			Share of							Operations and								TTM
	Consolidated		Unconsolidated		Noncontrolling			Proportionate		GAAP Consolidation			Proportionate			Proportionate		Proportionate
	Amount		Partnerships		Interests			Amount		Accounting Changes			Amount			Amount		Amount
Rental and other property revenues:
Conventional Same Store properties	$	816,986	$	—	$	(68,608	)	$	748,378	$	(13,491	)	$	(182,649	)	$	188,199	$	740,437
Other Conventional properties		82,855		4,730		(8,047	)		79,538		10,118			(22,240	)		22,264		89,680
Affordable properties		206,681		10,809		(74,100	)		143,390		(2,989	)		(33,694	)		35,759		142,466
Total rental and other property revenues		1,106,522		15,539		(150,755	)		971,306		(6,362	)		(238,583	)		246,222		972,583
Property operating expenses:
Conventional Same Store properties		312,904		—		(27,519	)		285,385		(5,090	)		(73,992	)		70,096		276,399
Other Conventional properties		39,687		3,008		(3,941	)		38,754		3,079			(10,996	)		11,289		42,126
Affordable properties		99,708		6,398		(39,933	)		66,173		(1,668	)		(16,767	)		15,566		63,304
Total property operating expenses		452,299		9,406		(71,393	)		390,312		(3,679	)		(101,755	)		96,951		381,829
Net operating income:
Conventional Same Store properties		504,082		—		(41,089	)		462,993		(8,401	)		(108,657	)		118,103		464,038
Other Conventional properties		43,168		1,722		(4,106	)		40,784		7,039			(11,244	)		10,975		47,554
Affordable properties		106,973		4,411		(34,167	)		77,217		(1,321	)		(16,927	)		20,193		79,162
Total net operating income	$	654,223	$	6,133	$	(79,362	)	$	580,994	$	(2,683	)	$	(136,828	)	$	149,271	$	590,754

AIMCO 1st Quarter 2011 Page 22

REDEVELOPMENT PROPERTIES:Properties where (1) a substantial number of available units have been vacated for major renovations or have not been stabilized in occupancy for at least one year as of the earliest period presented, or (2) other significant renovation, such as exteriors, common areas or unit improvements (done upon lease expirations), is underway or has been complete for less than one year, as of the earliest period presented. In both cases the properties have been removed from the Same Store portfolio. Redevelopment properties are classified as either Conventional or Affordable. Aimco combines Affordable Redevelopment Properties with Other Affordable Properties for financial reporting purposes within its Supplemental Schedules 1 and 2.

SAME STORE PROPERTIES:Same Store properties are those properties (1) that are managed by Aimco, (2) in which Aimco’s ownership exceeds 10%, and (3) that have reached and maintained a stabilized level of occupancy during the current period and each period for which comparable results are presented. Same Store properties are classified as either Conventional or Affordable and properties classified in the consolidated financial statements as held for sale are not included in Same Store. To ensure comparability between periods, the proportionate Conventional Same Store information shown on Supplemental Schedules 6a through 6b is based on Aimco’s current period ownership.

AIMCO 1st Quarter 2011 Page 23